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Status: Please note you should read all Brexit changes to the FCA Handbook and BTS alongside the main FCA transitional directions. Where these directions apply the 'standstill', firms have the choice between complying with the pre-IP completion day rules, or the post-IP completion day rules. To see a full list of Handbook modules affected, please see Annex B to the main FCA transitional directions.

low frequency liquidity reporting firm

    36any of the following:

      1. (a) a simplified ILAS BIPRU firm; or
      1. (b) a standard ILAS BIPRU firm whose most recent annual report and accounts show balance sheet assets of less than41 £541 billion (or its equivalent in foreign currency translated into sterling at the balance sheet date); or
      1. (c) a standard ILAS BIPRU firm that meets the following conditions:
        1. (i) it does not have any annual report and accounts and it has been too recently established to be required to have produced any;
        1. (ii) it has submitted a projected balance sheet to the89 FCA or PRA (as the case may be)89 as part of an application for a89 Part 4A permission 89 or a variation of one; and
        1. (iii) the most recent such balance sheet shows that the firm will meet the size condition set out in (b) in all periods covered by those projections.

    In respect of a79 third country BIPRU firm that is also a standard ILAS BIPRU firm and which reports on the basis of its branch operation in the United Kingdom, if the balance sheet assets attributable to the UK branch can be determined from the firm's most recent annual report and accounts (or, if applicable, the projected balance sheet) or any data item submitted by the firm, then37 paragraphs (b) and (c) apply at the level of the branch rather than of the firm.37